Some guidance for the choice of priors for Bayesian structural models in economic experiments Article (Faculty180)

cited authors

  • Bland, James R

description

  • <p><span>Bayesian estimates from experimental data can be influenced by highly diffuse or "uninformative" priors. This paper discusses how practitioners can use their own expertise to critique and select a prior that (i) incorporates our knowledge as experts in the field, and (ii) achieves favorable sampling properties. I demonstrate these techniques using data from eleven experiments of decision-making under risk, and discuss some implications of the findings.</span></p>

authors

publication date

  • 2025

start page

  • 117

end page

  • 126

volume

  • 11